All Forum Posts by: Bob Reinhard

Quote from @Bob Reinhard:

Yes. The homeowner insurance the home, not the bank ... until the hammer falls.

 Leave out the word "insurance" .... auto correct. ..homeowner owns ...

Yes. The homeowner insurance the home, not the bank ... until the hammer falls.

Without reading everyone's comments, your application should include the income that you will receive from the rental as your income, because it will be.
Much success.

Each have their criteria. But, first or second, no other encumbrances permitted.

What does your attorney advise?

It's like snowflakes. No two lenders are alike, but they are all fairly similar

All above make a valid point. Only you know what you have on hand as cash to start the deal. By the way, no borrowing the cash and the expect a loan on top.

Reach out to discuss by phone if you'd like. Often NC/ SC involved.

Bob

"Rural" is difficult become comparable properties cannot be located sufficiently close to the subject property for risk estimation.

Financing will likely require you to have a 1-year operating expense cushion; with the property generally not being in tiny population area not too 'rural' whereby comps cannot be located.

Reach out any time by phone or email to discuss anything real estate.

Bob

In this current market there is nothing "typical". You might expect a range from 9-11% (+?) based on experience. There may origination points; may be broker points. There will be the lender attorney fee.  There will be a credit check likely to determine your financial credibility on this asset-based loan ... then the usual recording, title fees, etc.
Much success.
Reach out any time to discuss anything real estate.
Bob

These intra family financial dealings can often come can often come with emotional involvement, especially if payments are missed. Therefore, my non-financial advice is to use the way that gets you yourself in and out of the deal in the quickest way.